Can Digital X-ray Systems Offer Value for Money to Veterinarians?

Digital radiography is becoming increasingly mainstream in the veterinary radiography system market. This novel technique is gaining popularity for its environment-friendly and high-quality imaging attributes. As such, digital X-ray products account for a higher revenue as compared to analog X-ray products in the market for veterinary radiography systems, which is estimated to reach a revenue of ~US$ 800 Mn by the end of 2027. Thus, veterinarians are preferring digital X-ray systems to acquire improved quality of digital imaging.

Digital X-ray systems offer value for money to veterinarians in the veterinary radiography system market, since they play an important role in reducing administrative efforts and are time-efficient. These systems are being combined with veterinary management systems to help veterinarians gain access to a plethora of patient records and retrieve images from the archive. Hence, companies in the veterinary radiography system market are increasing their production capacities to manufacture advanced digital X ray systems.

fa global veterinary radiography system market infographic

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High-speed CR Systems to be Extremely Helpful in Evaluation of Tiny Anomalies

In order to meet the requirements of veterinary doctors, companies in the veterinary radiography system market are increasing their production capacities to develop stationary full systems and portable X-ray units. For instance, OR Technology- a specialist in X-ray solutions, has developed portable X-ray systems for digital radiology. Likewise, manufacturers in the market for veterinary radiography systems are increasing R&D to develop digital X-ray units sans the need of cassettes for imaging.

Companies in the veterinary radiography system market are increasing the availability of compact and high-speed desktop units for standard X-ray examinations. This has led to the introduction of cost-efficient computed radiography (CR) systems. As such, computed radiography technology segment dominates the veterinary radiography system market. On the other hand, manufacturers are introducing digital dental radiography systems that are affordable and improve overall productivity of veterinary practices. They are focusing on design improvements by integrating powerful and user-friendly technology.

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Screen-film Radiography Versus Digital Radiography: Which is better?

Needle-based storage-phosphor detector radiography is gaining importance in the veterinary radiography system market. This technique is found to be superior to conventional storage-phosphor and mammography screen-film systems. Needle-based detector systems perform better than screen-film systems in diagnostic imaging of small animals. On the other hand, screen-film radiography is a better alternative to digital radiography, since the latter has limited spatial resolution.

The veterinary radiography system market is anticipated to grow at a CAGR of ~6% during the forecast period. Technological advancements have led to innovations in digital radiography. Though screen-film radiography has better spatial resolution, companies in the veterinary radiography system market are increasing R&D to enhance intrinsic sharpness and noise level of digital radiography systems. This is evident, since digital radiography is projected for exponential growth during the forecast period. As digital radiography systems are limited in spatial resolution, screen-film systems are limited compared to diagnostic imaging.

PACS Support Advanced Diagnostic Imaging of Small Animals

Several drivers such as the introduction of picture archiving and communication systems (PACS) are contributing toward the growth of the veterinary radiography system market. Companies in the market landscape are increasing efforts to develop user-friendly PACS solutions for management of the production and the use of X-ray images. Veterinarians are investing in novel digital technologies for analyzing and viewing X-rays of small animals. This is evident since diagnostic imaging of small animals is estimated to be high compared to large animals.

Apart from veterinary hospitals, manufacturers are catering to the needs of veterinarians in small practices. As such, veterinary clinics end user segment is anticipated for aggressive growth in the market for veterinary radiography system. Hence, companies in the market for veterinary radiography systems are increasing the availability of cost-effective full X-ray systems that cater to limited spending of small-scale practitioners. There is a growing demand for space-saving X-ray systems for standard wall socket operation with a floating tabletop.

veterinary radiography system market segmentation

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Analysts’ Viewpoint

Companies in the veterinary radiography system market are working closely with physicians and universities to gain global recognition. There is a growing demand for low maintenance and German-made hardware and software systems. Apart from animal hospitals, manufacturers are increasing the availability of compact and mobile systems that cater to the needs of end-use stakeholders in stables and small veterinary practices.

Moreover, digital radiography has led to the need for high-quality diagnostic imaging. However, high cost of digital X-ray systems poses as a barrier for small practitioners. Hence, manufacturers should increase R&D to develop cost and time-efficient digital X-ray systems for small practitioners.

 

Veterinary Radiography System Market: Overview

  • According to Transparency Market Research’s latest report on the global veterinary radiography system market for the historical period 2017–2018 and forecast period 2019–2027, rapid increase in the number of animal diseases, rise in companion animal ownership, high prevalence of zoonotic diseases, and increase in access to health care are anticipated to drive the global veterinary radiography system market
  • According to the report, the global veterinary radiography system market was valued at US$ 478.1 Mn in 2018 and is projected to expand at a CAGR of ~6% from 2019 to 2027

Increase in Ownership of Companion Animals Globally and Rise in Affordability and Expenditure on Animal Health: Key Drivers

  • Nearly 2.7 million animals are adopted every year from shelter homes in the U.S. Increase in adoption of animals and various exotic pets is expected to drive the global veterinary radiography system market in the next few years. The British Columbia Society for the Prevention of Cruelty to Animals (BCSPCA) rescued 27,187 injured and homeless animals, found new homes for nearly 15,811 animals, and transported 4,994 animals to shelter homes in 2015. Pet owners have begun scrutinizing health services offered to their pets. Surge in awareness about pet health has led to routine health check-ups, which is expected to boost the growth of the global veterinary radiography system market.
  • In developed countries, pets are treated like family members and various products are used to improve their lives. For instance, in Australia alone, the expenditure on pet care products and services stood at around US$ 4.62 Bn in 2005. According to the American Pet Products Association, the U.S. pet industry expenditure stood at US$ 60.3 Bn in 2015 and US$ 62.7 Bn in 2016. Additionally, spending on veterinary care increased by 2.5% in 2014 over that in 2013. Moreover, the pet industry attracted new entrepreneurs and various pet start-ups have opened in 2017. New companies are launching products for small animal care, which is likely to fuel the growth of the global veterinary radiography system market by 2027.

Focus on Geographic Expansion

  • Companies in the global veterinary radiography system market are increasingly turning to in-licensing and collaboration agreements to launch new products in North America and Europe. Rise in demand for technology-driven solutions, economic growth, and increase in consumption of meat & dairy products present significant opportunities for players operating in the global veterinary radiography system market.
  • According to industry experts, high cost of veterinary radiography systems and less awareness could hamper the growth of the global veterinary radiography system market. This is particularly true for various underdeveloped and developing countries. In developing countries such as India, veterinary medical practitioners need to be educated regarding the usage of veterinary radiography systems. Late diagnosis of diseases increases the cost of treatment. Hence, growth of the veterinary radiography system market is projected to be faster in these regions. However, high cost of digital radiography systems would be a deterrent for exploiting the full potential of these regions.

High Cost and Lack of Skilled Personnel to Hamper Market

  • The global veterinary radiography system market is technology driven. Introduction of new technologies in the market increases the demand for these systems due to improved efficiency and outcomes. However, high cost of these new devices raises the affordability issue, which hampers the growth of the veterinary radiography system market, especially in the developing countries. Moreover, lack of reimbursement affects demand for veterinary radiography systems.
  • Veterinary radiography systems have witnessed rise in adoption among veterinarians in the last decade. However, standardization in training for new technologically advanced radiography systems and accreditation guidelines to ensure physician competence is still lacking.

Veterinary Radiography System Market: Competitive Landscape

  • This report profiles major players in the global veterinary radiography system market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
  • The global veterinary radiography system market is highly fragmented, with the presence of a small number of international players and several regional players
  • Leading players operating in the global veterinary radiography system market are
    • Sound (VCA, Inc.)
    • Canon, Inc.
    • Fujifilm Holdings America Corporation
    • Diagnostic Imaging Systems
    • Merry X-Ray Corporation
    • Sedecal
    • IMV imaging
    • DRE Medical
    • Midmark Corporation,
  • which account for over 70% share of the market

Veterinary Radiography System Market: Key Developments

  • Key players in the global veterinary radiography system market are engaged in the development of technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies of key players are likely to fuel the growth of the global veterinary radiography system market. A few expansion strategies adopted by players operating in the global veterinary radiography system market are: 
  • In January 2019, DRE Medical completed its transition to Medical Surgical Division of Avante Health Solutions. Together with Avante Health Solutions, DRE Medical is likely to expand its product offerings and customer base. This will help the company strengthen its position in the medical equipment market.
  • In December 2017, BCF and ECM (Echo Control Medical) merged with IMV Technologies to create IMV imaging
  • In March 2016, Canon, Inc. acquired Toshiba Medical Systems for US$ 5.9 Bn to consolidate its position in the health care segment. In 2018, Canon changed the name of the acquired Toshiba Medical business to Canon Medical Systems.
  • In October 2015, Canon, Inc. and Fujitsu Limited entered into a collaboration to jointly develop new imaging solutions using network cameras
  • The report on the global veterinary radiography system market discussed individual strategies, followed by company profiles of manufacturers of veterinary radiography system products. The ‘competition landscape’ section has been included in the veterinary radiography system market report to provide readers with a dashboard view and a company market share analysis of key players operating in the global veterinary radiography system market.

Veterinary Radiography System Market - Scope of Report

TMR’s report on the global veterinary radiography system market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2019 to 2027. The report provides revenue of the global veterinary radiography system market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) of the global veterinary radiography system market from 2019 to 2027.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global veterinary radiography system market.

Secondary research also included statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global veterinary radiography system market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global veterinary radiography system market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global veterinary radiography system market.

The report delves into the competitive landscape of the global veterinary radiography system market. Key players operating in the global veterinary radiography system market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global veterinary radiography system market that have been profiled in this report.

Key Questions Answered in Global Veterinary Radiography System Market Report

  • What is the scope of growth of computed radiography in the global veterinary radiography system market?
  • What will be the Y-o-Y growth of the global veterinary radiography system market between 2019 and 2027?
  • What is the influence of changing trends in digital X-ray on the global veterinary radiography system market?
  • Will North America continue to be the most profitable market for veterinary radiography system providers?
  • Which factors are anticipated to hamper the growth of the global veterinary radiography system market during the forecast period?
  • Which are the leading companies in the global veterinary radiography system market?

Research Methodology

A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global veterinary radiography system market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global veterinary radiography system market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the global veterinary radiography system market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the veterinary radiography system market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global veterinary radiography system market with accuracy. The study also uses the top-down approach to assess the revenue for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global veterinary radiography system market more reliably and accurately.

Veterinary Radiography System Market - Segmentation

Product

Digital X-ray

  • Direct
  • Indirect

Analog X-ray

Technology

Computed Radiography

Digital Radiography

Film Screen Radiography

Animal

Small Companion Animals

Large Animals

Indication

Orthopedic & Rheumatology

Cardiology

Oncology

Nephrology

Others

End User

Veterinary Hospitals

Veterinary Clinics

Diagnostic Canters & Research Centers

Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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